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Miami-Dade County Market Update - May 2010

by Justin Willard

Single Family Home Statistics - May 2010

There are currently:

8,113  Single Family Homes For Sale on the MLS.

1,301  Single Family Homes Pending Sale in the last 30 days.

633     Single Family Homes that Closed in the last 30 days.

 

Condo & Townhome Statistics - May 2010

There are currently:

16,167 Condos & Townhomes For Sale on the MLS.

1,679  Condos & Townhomes Pending Sale in the last 30 days.

783     Condos & Townhoms Closed Sale in the last 30 days.

 

Single Family For Sale vs. Sold Data as of March 2010


Click to see larger image

Single family home inventory is down 38% year over year.  The number of homes sold is also down 5% while the pending inventory is up 31% year over year from March 2009 to March 2010.

Pembroke Falls Community Tour

by Justin Willard

The Willard Realty Team is pleased to announce the completion of our Pembroke Falls Community Video Tour.  Creating the tour of Pembroke Falls has been a passion of ours for some time. Our goal in making the tour was to provide an opportunity to showcase the Pembroke Falls community to prospective new residents.  Pembroke Falls is in our opinion one of the most well equipped communities in Pembroke Pines and offers a comprehensive list of amenities. Please enjoy watching our Pembroke Falls Community Tour. 

For a complete description of Pembroke Falls community features visit our Pembroke Falls web site at www.pembrokefallsrealestate.com

If you would like to receive a free list of homes for sale in Pembroke Falls and be the first to know when new listings hit the market go to: www.pembrokefallslistingalerts.com

If you are thinking of selling your Pembroke Falls home or are just curious about what your home is worth in today's market sign up at www.pembrokefallsmarketvalues2.com to receive a free no-obligation Comparative Market Analysis of your home. 

 

 

 

On January 7, 2010 Fannie Mae launched the new "Special Approval" designation for Florida condo projects that meet their new revised criteria.  The revised criteria has been set up by Fannie Mae in an attempt to get the Florida condo market moving again by reducing the difficulty associated with financing condos in Florida. 

Obtaining financing for condo projects other than those already on the HUD/FHA Condo Approved List has been very difficult up to this point.  This appears to have been caused by lenders unwillingness to finance projects that do not meet basic requirements including having no more than 15% delinquency rates and having a minimum of 6 months worth of operating budget in the association's reserve account.  Many condos in South Florida have struggled with this issue because their reserves have often times been used to float the buildings expenses while dealing with mounting maintenance deficiencies caused by owners not paying their monthly maintenance fees.  This problem has been compounded by the growing number of condominium short sales and foreclosures in the market.

The good news is that Fannie Mae's new Special Approval designation program may help to move condos from being un-financable to being able to be financed again.  In order to do so, Fannie Mae is undertaking a comprehensive review of hundreds of condominium projects in the Florida to determine if the condo meets the new revised guidelines.  The process will include assessing specific criteria more closely, including occupancy, home ownership, association dues, financial stability of the project and property condition.  Projects deemed to be sufficiently stable following closer examination will be granted the Special Approval designation, meaning lenders can originate and deliver mortgage loans secured by units in these projects to Fannie Mae.  Projects deemed eligible will be listed on www.eFannieMae.com as projects reviews are completed.  Then qualified borrowers wishing to purchase units in the approved condo projects will be eligible for financing. 

For more information on purchasing condos in South Florida contact the Willard Realty Team at 305-332-8330.

Displaying blog entries 301-303 of 303

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